MOSCOW, January 16 (RIA Novosti) – Russian steel producer Evraz has doubled its stake in coal miner Raspadskaya from 41 to 82 percent in deal that will make the steel giant self-sufficient in coking coal, Evraz announced on Wednesday.
Evraz, part-owned by Russian billionaire and Chelsea FC owner Roman Abramovich, previously held its 41 percent stake in the coal miner through holding company Corber. Under the deal, Evraz buys full control of Corber from Raspadskaya’s management and doubles its stake in Raspadskaya to 82 percent.
“Further to the announcement on October 4, 2012 by Evraz plc that it had agreed the terms of an acquisition of a further 50 percent interest in Corber Enterprises Limited, which holds an 82 percent interest in OJSC Raspadskaya and its subsidiaries, from Adroliv Investments Limited, Evraz today announces that it has completed the acquisition, subject to admission to listing and to trading,” Evraz said in a statement.
Evraz did not dislose the value of the deal. Raspadskaya posted an IFRS net profit of $136 million in 2011.
Evraz previously planned either to sell or consolidate its stake in Raspadskaya, which has been rebuilding production after a fatal accident in 2010 which killed 91 miners.